GBP/USD pressing on and toying with highs

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Guatemala) - GBP/USD is trading at 1.7032, up 0.04% on the day, having posted a daily high at 1.7036 and low at 1.7021.



Sterling has been stealing the show, bar the NZD/USD, with markets pricing in a rate hike from the BoE and with the bulls fuelling the pair on the Financial Stability report with the FPC suggesting that there isn’t an imminent threat. Economists are expecting rates to gradually get back to normal levels supporting the pound. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. We now await the final release of the GDP Q1 for the UK tomorrow.



GBP/USD Levels



Spot is presently trading at 1.7033, and next resistance can be seen here at the (Daily Classic R2), 1.7036 (Daily High), 1.7040 (Monthly High), (Weekly High) and (Annual High). Next support to the downside can be found at 1.7027 (Daily Open), 1.7021 (Daily Low), 1.7015 (Hourly 20 EMA), 1.7009 (Daily Classic R1) and 1.7003 (Hourly 100 SMA).



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